Gold is breaking back above the $3,300 level; Fed release on Wednesday in focus.
The gold futures contract gained 0.65% on Friday, May 2, as it rebounded after its Thursday’s sell-off of almost 3%. Last week, gold sold off, approaching the $3,200 level after worse-than-expected economic data, advancing stock market and strengthening U.S. dollar. In mid-April, gold kept gaining and reaching new all-time highs. Earlier, it pulled back from its previous high, trading as low as $2,970.40.
This morning, gold is rebounding sharply, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 2.5% higher, as it is trading above the $3,300 level. What about the other precious metals? Silver is 2.1% higher, platinum is 0.1% higher and palladium is 0.9% higher. So, the main precious metals’ prices are higher this morning.
Friday’s Nonfarm Payrolls release has been higher than expected at +177,000. Today, we will get the ISM Services PMI number at 10:00 a.m. Investors are awaiting the FOMC interest rate decision scheduled to be released on Wednesday.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, May 5
- 9:45 a.m. U.S. - Final Services PMI
- 10:00 a.m. U.S. - ISM Services PMI
- Tentative, U.S. - Loan Officer Survey
- All Day, Japan – Bank Holiday
- All Day, U.K. - Bank Holiday
Tuesday, May 6
- 8:30 a.m. U.S. - Trade Balance
- 10:00 a.m. Canada - Ivey PMI
- 1:01 p.m. U.S. - 10-y Bond Auction
- Tentative, U.S. - RCM/TIPP Economic Optimism
Paul Rejczak
Stock Trading Strategist